THE BOSTON BEER COMPANY, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.96B | $2.01B | $2.01B | $2.09B | $2.06B | $1.74B | $1.25B | $995.6M |
| Cost of Revenue | $1.01B | $1.12B | $1.16B | $1.23B | $1.26B | $922.0M | $635.7M | $483.4M |
| Gross Profit | $952.6M | $893.7M | $852.4M | $862.0M | $797.8M | $814.5M | $614.2M | $512.2M |
| Gross Margin | 48.5% | 44.4% | 42.4% | 41.2% | 38.8% | 46.9% | 49.1% | 51.4% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $190.8M | $189.9M | $174.5M | $157.5M | $133.6M | $118.2M | $112.7M | $90.9M |
| Operating Income | $144.9M | $76.0M | $100.0M | $90.8M | $8.0M | $244.2M | $144.9M | $115.9M |
| Operating Margin | 7.4% | 3.8% | 5.0% | 4.3% | 0.4% | 14.1% | 11.6% | 11.6% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $153.5M | $87.6M | $109.6M | $91.4M | $6.9M | $244.2M | $144.4M | $116.3M |
| Income Tax Expense | $45.0M | $27.9M | $33.3M | $24.2M | $-7.6M | $52.3M | $34.3M | $23.6M |
| Net Income | $108.5M | $59.7M | $76.3M | $67.3M | $14.6M | $192.0M | $110.0M | $92.7M |
| Net Margin | 5.5% | 3.0% | 3.8% | 3.2% | 0.7% | 11.1% | 8.8% | 9.3% |
| EPS (Basic) | $9.90 | $5.07 | $6.23 | $5.46 | $1.19 | $15.73 | $9.26 | $7.90 |
| EPS (Diluted) | $9.89 | $5.06 | $6.21 | $5.44 | $1.17 | $15.53 | $9.16 | $7.82 |
| Shares Outstanding (Basic) | 11.0M | 11.8M | 12.2M | 12.3M | 12.3M | 12.2M | 11.9M | 11.7M |
| Shares Outstanding (Diluted) | 10.9M | 11.8M | 12.3M | 12.3M | 12.4M | 12.3M | 11.9M | 11.7M |
| Dividends Per Share | — | — | — | — | — | — | — | — |